Delaware LLC collects Eighth Street asset for $4.2 million
by June 5, 2018 9:38 am 730 views
A 5,040-square-foot convenience store along the Eighth Street corridor in Bentonville has a new owner after a sale worth $4.2 million.
Bentonville TLOI LLC, a Delaware-registered entity, acquired the 1.74-acre Kum & Go development at the southwest corner of Southeast Eighth and J streets. Jack Pearce Inc. of Wichita, Kan., was the seller. City Title & Closing LLC of Fayetteville was the title agent.
Fayetteville attorney Terry Pool represented Bentonville TLOI in the deal, but he declined to discuss the acquisition. It is worth noting the other three hard corners at the intersection are owned by Walmart Inc. or Walton-related entities.
The Kum & Go opened in October 2013. Jack Pearce paid $3.17 million for the property in November 2013 in a sale-leaseback deal. Kum & Go LLC of West Des Moines, Iowa, through its KG Store 416 LLC, was the seller.
Springdale Retail
A multitenant retail center in Springdale has a new owner after a sale worth $3.2 million. Cherry Ridge LLC of El Dorado bought the 5,938-square-foot building at 4224 W. Sunset Ave. (Highway 412). Mark Dake, through his Bradford Square of Arkansas LLC, was the seller. Pulaski County Title in Little Rock was the title agent.
Cherry Ridge is owned by El Dorado-based Munoco Co., a family-owned company engaged in oil and gas exploration and production, as well as timber, real estate and farming operations. The company has a large portfolio of commercial real estate, farmland and timberland holdings in Arkansas and Louisiana, held under the Cherry Ridge entity.
The Sunset Avenue property is occupied by Starbucks and Arkansas Dentistry and Braces. Both tenants are on 10-year lease terms that expire in 2026.
Dake paid $2.72 million for the property in April 2017. Haag-Brown Development LLC of Jonesboro, managed by Josh Brown and Greg Haag, was the seller. Haag-Brown bought the 1-acre site in October 2015 for $950,000. The site included a fire-damaged building that previously housed Joe’s Italian Grill.
Pinnacle Hills Property
A land purchase in the Pinnacle Hills area of Rogers tipped the scales at $2.11 million.
Larice Hachem of Rogers, through her Hachem Investments Inc., paid $6.56 per square foot for 7.39 acres on South Pinnacle Hills Parkway. Bill Adams was the seller. City Title & Closing LLC of Fayetteville was the title agent. Developer Kristen Boozman, owner of Portfolio Luxury Real Estate of Rogers, represented Hachem in the deal.
The property, zoned A-1 (agricultural), is adjacent and to the south of the 7.82-acre Country Club Plaza, a two-building commercial development situated southwest of the roundabout on Pauline Whitaker Parkway. Country Club Plaza includes a three-story, 85,828-square-foot office building (fully leased to multiple tenants) and a single-story, 22,225-square-foot retail center (92% leased to multiple tenants).
Hachem, formerly of Florida, completed a $27 million deal in April to acquire Country Club Plaza, as well as a 2.77-acre parcel at the corner of Whitaker Parkway and South Champions Drive.
Church Purchase
A Bentonville-based church has closed a land purchase in Fayetteville. Keypoint Church, led by senior pastor, president and CEO Casey Henagan, paid $577,150 for 8.57 acres at 4530 N. Crossover Road, north of Nelson-Berna Funeral Home. The purchase price equals $1.55 per square foot. Johnny and Janet Kesner were the sellers.
First Security Bank in Fayetteville backed the deal with a $461,720 loan, and City Title & Closing LLC of Fayetteville was the title agent. Alan Cole with Colliers International in Rogers was the listing agent, and John David Lindsey with Lindsey & Associates of Fayetteville represented the buyer.
A church spokesman said preliminary plans are to build a new church at the site to eventually replace an existing location in leased space at 1404 Chester Place in Springdale. The Fayetteville church will include seating for about 500, approximately 250 parking spaces, and a community room, café and outdoor patio. A timeline for construction has not been determined.
Keypoint Church also built a campus at 3700 Medical Center Parkway in Bentonville in 2014.
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